Buying A House After A Bankruptcy
If you’ve declared bankruptcy in the past, know that you’re not alone. Further, know that your situation is nothing to be ashamed of. No one wants to declare bankruptcy; sometimes, it may be the only solution to a difficult situation. I see many people who are concerned that filing bankruptcy or making a consumer proposal will effect…
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Debunking Canadian Bankruptcy Myths
Many people believe that bankruptcy is a rare occurence in Canada, but it may happen more than you think. In fact, bankruptcy happens to almost 120,000 Canadians every year. If that’s surprising to you, here are some myths about bankruptcy that might surprise you even more! Myth #1 – Filing bankruptcy will affect my spouse Many have the…
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Should you file bankruptcy before the new year?
There are some clear advantages to filing before the end of the year. When you file personal bankruptcy the trustee will prepare and file your income tax return and keep the refund for the year of bankruptcy and any prior taxation year that you had not yet filed and received the refund for. What this means is…
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Having A Financial Plan Is Important…For Everyone
Having a financial plan is important for everyone regardless of their financial situation, but it is even more critical for individuals who are trying to rebuild after making a consumer proposal or filing personal bankruptcy. Dedicating time to financial planning can also help you protect the assets you have now and increase your wealth in…
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Questions For A Trustee
Many people are slightly embarrassed or anxious when they first meet a trustee, and it’s easy to forget what questions you want to ask. Before you meet with a trustee it’s important to make a list of questions that you would like answered in your free initial consultation. That way you can be sure that…
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Bankruptcy And My Spouse
A common question I receive from many people I see is “how will bankruptcy affect my spouse?” Many have the mistaken impression that because they are married, their spouse is automatically responsible for their debts. This is not the case. The good news is, in Canada, marriage alone does not make you responsible for your…
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Debt and Divorce
When people get divorced, there are many unforeseen expenses that may lead you into financial difficulty. Household expenses essentially double, which alters your current financial situation and causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Not only that, but you will still…
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Who will know about my bankruptcy?
Filing a bankruptcy means that certain documents can become public, but in your personal life, the only people who will know about your bankruptcy are those who you choose to inform. The amount of information that is public is very limited, and in fact is not very front and center. The Office of the Superintendent of Bankruptcy will…
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RRSPs And Creditors
With the February 29th RRSP deadline looming, people who are struggling with debt may be curious about how their RRSP contributions may be affected if they were to file bankruptcy. Certain RRSP and RRIF holdings are protected from creditors under a provision of the Bankruptcy and Insolvency Act. RRSP and registered retirement income fund (RRIF) proceeds held under any…
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RRSP Contributions And Filing Your Income Tax
You can make RRSP contributions during the first sixty days of 2016 and claim these contributions on your 2015 income tax return. Most years the RRSP contribution deadline is March 1, however because 2016 is a leap year the RRSP contribution deadline is February 29, 2016. The main benefits of contributing to RRSPs are; you can build an asset for retirement…
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